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PIB A5.8.15 Guidance

An Authorised Firm should take reasonable steps to:

a. allocate responsibility for the management of its Underwriting and sub-underwriting business;
b. allocate adequate resources to monitor and control its Underwriting and sub-underwriting business;
c. satisfy itself that its systems to monitor Exposure to Counterparties will calculate, revise and update its Exposure to each Counterparty arising from its Underwriting or sub-underwriting business;
d. satisfy itself of the suitability of each person who performs functions for it in connection with the firm's Underwriting and sub-underwriting business having regard to the person's skill and experience; and
e. satisfy itself that its procedures and controls to monitor and manage its Underwriting business address, on an on-going basis, the capacity of sub-underwriters to meet sub-underwriting commitments.
Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]